By Ramesh S Ramakrishnan
Though the shipping industry is considered one of the lowest emitting means of transportation, it is a fact that our sector accounts for 2-3% of global emissions, according to World Economic Forum data.
Hence, while we know that 2050 is a faraway deadline set by the International Maritime Organization (IMO) to reduce shipping emissions by 50% compared to 2008 rates, we all need to come together immediately and start looking at how to reach net-zero efficiency as an industry.
A goal we are also setting ourselves at the Transworld Group where we have taken a pledge that we will work towards being a carbon-neutral organization by 2043. To reach that aim, over the next few years, we will start with focusing on reducing our greenhouse gas emissions across all businesses and locations. Additionally, we are committed to strengthening data security and building a more diverse and inclusive workspace. But we plan to meet these goals in a more measurable manner.
Continuous learning curve
Besides United Nations Sustainable Development Goals (UN SDGs), we are also following the United Nations Global Compact initiative and we have applied for certification from CDP, a not-for-profit charity that runs the global disclosure system for companies, investors, and cities, etc.
Moreover, to stay committed to transparency on our ESG progress to our investors, employees, and institutions, we have adopted the Global Reporting Initiatives (GRI) and Sustainability Accounting Standards Boards (SASB) metric system for disclosure.
It is a continuous learning curve as ESG is always a work in progress and value creation has always been an integral part of the Transworld Group DNA. We believe that businesses can thrive only if the society and environment prosper alongside.
And as far as Transworld is concerned, social responsibility and connecting with people have always been the philosophy of our organization where our main aim is to create and deliver prosperity to our employees and to every stakeholder associated with our group. This is how we have been able to maintain and nurture all our relationships over the years.
Meanwhile, governance is equally important to us as we have to ensure that we are absolutely transparent with our shareholders and stakeholders. It is like integrity – we have to do what is right whether we are being watched or not.
While Transworld has just one listed entity, and, though all the other entities are private, we have actively gone ahead to make sure that there is complete institutionalization of our operations as an organization.
Hence, we have also partnered with consultants who provide corporate governance solutions to make sure we stay on track to meet our ESG goals and that all the necessary data is documented.
Maybe, our teams may initially feel that is a huge effort. But as time goes by, it will become a part of our journey. Though it will not be an easy journey. For when we start an initiative of this nature, there is bound to be a certain amount of resistance. This may be probably due to a lack of understanding in that particular aspect. But we need to stay committed and maintain our momentum.
We will encourage every individual who works for Transworld to ensure we are doing our part to make this initiative a great success. We have become a very resilient organization that works tirelessly to remain at the forefront of the industry. Today, Transworld 2.0, as we now call ourselves, is truly embodying our tagline of Transformation in Motion.
Being a very responsible organization in the shipping and logistics business is an ethic that is very close to my heart. So I will be personally involved with our teams to ensure we meet with overall success in our ESG journey over the years to come.
At the same time, we are open to ideas and thoughts from your end. So if you are a like-minded organization with a clear roadmap on ESG initiatives and would like to collaborate with us over the coming years, do reach out to take the conversation further.
Ramesh S Ramakrishnan
Chairman,Transworld Group | Member, OPM Alumni Association,Harvard Business School | Founder-UAE Ship Owners Association